Estate planning is a subject that we don’t like to think about but in its simplest form is just about providing peace of mind. It is also about making sure that the investments you make now are passed on to your family or beneficiaries in the most effective way.
Your CLO Estate Planning Lawyer will give appropriate advice in simple plain language, and with a focus on respecting your wishes and ensuring a timely finalisation of your estate.
A will is a legal document, which as far as possible, ensures your assets are distributed according to your wishes after you die.
Your will can cover all assets in your own name such as your house, land, car, shares and bank accounts. It does not cover life insurance or superannuation unless they are paid to the estate.
In your will you appoint an executor to distribute your assets to the beneficiaries (those you choose to receive your assets). Your choice of an executor should be carefully considered as the role can be very demanding and often complex, requiring legal and financial knowledge or guidance.
Any person of sound mind from the age of 18 years, or, in certain circumstances under 18 can make a will.
Property you own with another person as a “joint tenant” will not be included in your estate. On your death, your share of that property will pass to the surviving tenant.
However, if you own property together with another person “as tenants in common” then your share or interest in that property will be controlled by your will.
When you set up a life insurance policy you also nominate a beneficiary. Generally the proceeds of a life policy are paid directly to the beneficiary without any need to be included in a will.If you want your life insurance benefits to be controlled by the terms of your will then you need to nominate your estate as the beneficiary of the policy.